Key facts
- A new stablecoin named Open USD (OUSD) has been launched.
- Over 140 companies are part of the consortium launching OUSD.
- Visa, Mastercard, Coinbase, Ripple, and BlackRock are among the OUSD consortium members.
- OUSD offers free minting and uncapped transactions.
- OUSD plans to share reserve earnings with partners.
- Ripple-backed Evernorth reported its RLUSD stablecoin drove trading volume.
- RLUSD has facilitated over $2.5 billion in total trading volume on the XRP Ledger.
- Coinbase partnered with Spiko Finance for stablecoin payments.
- The partnership enables 24/7 stablecoin payments for EU investment funds.
- USDC and EURC can be used for subscriptions and redemptions in EU Treasury-bill funds.
- Transactions occur on Coinbase's Base network.
A significant new stablecoin, Open USD (OUSD), has been introduced by a broad consortium of over 140 companies, including major players like Visa, Mastercard, Coinbase, Ripple, and BlackRock. This initiative is designed to compete with established stablecoins by offering several key advantages: free minting of the stablecoin, the ability to conduct uncapped transactions, and a revenue-sharing model where reserve earnings are distributed to partners. The goal is to challenge existing market leaders in the stablecoin space.
In parallel developments within the stablecoin ecosystem, Evernorth, a firm supported by Ripple, has announced that its RLUSD stablecoin has substantially increased trading activity on the XRP Ledger. Since its introduction, RLUSD has facilitated a total trading volume exceeding $2.5 billion across various RLUSD trading pairs. The company noted a significant growth in trading transactions involving the stablecoin.
Further expanding the utility of stablecoins, Coinbase has collaborated with Spiko Finance to integrate stablecoin payments into two regulated investment funds within the European Union. This partnership allows investors in these EU Treasury-bill funds to utilize stablecoins, specifically USDC and EURC, for both subscribing to and redeeming their investments. These transactions are enabled around the clock, operating 24/7, through Coinbase's own Base network, offering enhanced flexibility and accessibility for fund participants.